Introduction to Business

Section 2: Economic Systems

Self-Checks

1
The three basic economic questions begin with each word except ______ .
A)how
B)who
C)what
D)why
2
Economic systems are the methods societies use to distribute ______ .
A)income
B)resources
C)possessions
D)wealth
3
In a market economy, economic decisions are made ______ .
A)at the top
B)by industry leaders
C)by individuals
D)by the marketplace
4
The amount of money given or asked for when a service is bought or sold is called its ______ .
A)cost
B)value
C)price
D)worth
5
The amount of goods that producers will provide at various prices is called the ______ .
A)quantity
B)stock
C)reserve
D)supply
6
The quantity of goods that consumers are willing to buy at various prices is called the ______ .
A)demand
B)request
C)purchase
D)sale
7
The point at which the quantity demanded and the quantity supplied meet is called the ______ price.
A)break-even
B)dynamic
C)compromise
D)equilibrium
8
In a command economy, key economic decisions are made by ______ .
A)a central authority
B)entrepreneurs
C)individuals
D)capitalists
9
The United States is primarily a ______ economy.
A)command
B)market
C)consumer
D)mixed
10
Another name for a market economy is a ______ system.
A)competitive
B)democratic
C)contemporary
D)free enterprise
Glencoe Online Learning CenterBusiness Administration HomeProduct InfoSite MapContact Us

The McGraw-Hill CompaniesGlencoe

Please read our Terms of Use and Privacy Notice before you explore our Web site. To report a technical problem with this Web site, please contact the Web Producer.